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Despite recent declines and volatility, a crypto analyst has stated that the XRP price is about to break the bullish flag pattern. According to the analyst, a successful break of this bullish flag could result in a massive 50% price increase for XRP, bringing the cryptocurrency closer to its previous all-time high of $3.84 recorded during the 2021 bull run.
XRP price targets $3.6 after bullish flag breakout
The XRP price has risen in recent weeks formed a bullish flag patternindicating a potential for further upward movement. This is what crypto analyst Captain Faibik says shared chart on X (formerly Twitter), XRP is preparing to break out of this bullish flag on the daily timeframe chart.
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A bullish flag is generally recognized as one continued pattern. It occurs when the price of a cryptocurrency trades sideways or undergoes a correction and signals the potential for a strong upward move.
On the analyst chart, XRP is testing the upper boundary of the bullish flag pattern, with the intention of breaking out above it and trigger the next price rally. Captain Faibik has predicted that if XRP successfully breaks out of this bullish flag and maintains a price above it, it could trigger an impressive 50.22% rally.
Currently trading at $2.2. If XRP can rise as much as 50% after the bullish flag breakout, its market price could rise significantly to $3.3. This expected target is just 16.36% away from exceeding XRP’s $3.84 ATH achieved during the previous bull run in 2021.
A further strengthening of his confidence in The future price trajectory of XRPCaptain Faibik’s recent prediction is consistent with previous projections in previous X posts, where the analyst predicts a huge price increase up to $3.66 for XRP.
Elliott Waves wants to take XRP above $20
In another X post, a prominent crypto analyst identified himself as the “CryptoBull” predicted that the XRP price could rise above $20 later in this bull cycle. However, the analyst also predicts that the cryptocurrency could reach a value of short-term objective from $13 in the coming weeks.
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CryptoBull has based its optimistic XRP price forecasts on this Elliott impulse waveshighlighting their impact on the cryptocurrency’s historical price movements. The analyst revealed that Elliott momentum waves typically start after a cryptocurrency has had a significant impact price breakout.
He further explained that in 2017, the five waves of the Elliott impulse wave cycle had caused a price increase from $0.002 to $3.84, representing a staggering 70,000% increase. Based on this historical trend, CryptoBull predicts that XRP could witness a similar bull rally. He predicts that the five Elliott impulse waves during this bull cycle could cause a 6,000% increase in the XRP price, taking it to new ATHs of $26.
Featured image created with Dall.E, chart from Tradingview.com